Gm Chief Paid $748,000

April 14, 1993|Bloomberg Business News

DETROIT -- General Motors Corp. President and Chief Executive Officer John F. Smith was paid $748,000 in salary last year and received stock options potentially worth almost $4.76 million, GM said in its annual proxy statement to shareholders.

Smith was granted options last year to buy 80,000 shares at an exercise price of $37.32 each. GM said those shares are potentially worth between $1.88 million and $4.76 million, depending on the yield, by the year 2002.

Smith and about 500 other top executives at GM did not receive payouts under the automaker`s Performance Achievement Plan last year because of the company`s weak performance.

Smith, who replaced ousted company Chairman Robert Stempel as CEO last fall, was paid $575,000 in salary in 1991. He was also granted 65,000 shares of common stock at an option price of $40 a share, for a total value of $2.6 million.

Stempel`s compensation was not disclosed by GM because he was not an officer at the end of 1992, GM spokesman William Winters said.

GM also said that outside director John G. Smale, the former Procter & Gamble chairman who helped oust Stempel, is being paid $300,000 a year to act as chairman of the board, a post he was elected to on Nov. 2.